Exercise 1

How would the following items be presented in the statement of financial posistion.

1. Claims from customers for merchandise sold.

2. Claims from employees representing cash advances.

3. Claims from employees representing selling price of goods sold under normal credit terms.

4. Receivable arising from subscription to share capital.

5. Deposit on purchase of undelivered merchandise.

6. Customers accounts ascertained to be uncollectible.

7. Claims against consignees for goods shipped to the latter ,goods are still unsold at the reporting period.

7. Claims against consignees for goods shipped to the latter and are already sold.

9. Income tax refunds ,approved by the BIR

10. Claims from shipping carrier for damaged merchandise.